GOOG/GOOGL (Alphabet Inc) was the first of the market leading FAAMG stocks to report earnings after the bell yesterday & so far, the market’s reaction has been unfavorable. Here are the 60-minute charts of GOOG along with QQQ. GOOG has gapped below both the most recent rising wedge/contracting price channel following a divergent high as well as gapping below the 960.50 former support level, which now becomes resistance.

I need to run out for a quick errand this morning & will be watching to see how whether or not they buy up this dip in GOOG & QQQ by the close today & if not, will this weakness in QQQ spill over into the other major stock indices? I’m also noticing some potentially significant technical developments on many of the major global equity markets recently which I will post later today.